Alabama coach Nick Saban has agreed to a contract extension with the Crimson Tide, a move that likely will bring a swift end to speculation that Texas is on the brink of replacing coach Mack Brown with Saban. Multiple news outlets reported the deal Friday night, and UA followed soon after with confirmation on its official athletics Twitter feed:

Nick Saban and The University of Alabama have concluded a long-term agreement to keep him as head coach of the Tide. More details to follow.

According to Tidesports.com, it is a multi-year extension worth in excess of $7 million per year, breaking all new ground in the college coaching industry that previously had just three coaches, including Saban, making in excess of $5 million per season. That would fall squarely in line with what NFL Media analyst Gil Brandt reported via Twitter earlier this week:

Just told by source Nick Saban in contract negotiations w #Alabama for extension in $7M/year range.

Saban has won three national championships since 2009, and missed out on potentially his third in a row with an Iron Bowl loss to Auburn two weeks ago.

It had previously been reported that Brown has coached his last game with the Longhorns after 16 years, but his departure has not been made official. Shortly after Saban's deal was reported, news broke that Brown indeed may remain as the Longhorns coach. The Texas football banquet was ongoing as the Saban news broke, at which Brown was to make the closing remarks, making for an apparently awkward moment.

Live from the Texas banquet RT @mikefinger: Just about every person in this crowd has a smartphone out right now.

The length of Saban's new contract remains unclear. What's crystal clear, however, is that the Crimson Tide has virtually limitless resources to keep the college game's most successful coach paid ahead of the market.